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Home » Daily Technical Reports » USD/JPY Today Technical Report 13/04/2016

USD/JPY Today Technical Report 13/04/2016

USD/JPY traded higher on Tuesday and today during the early European morning the pair appears ready to challenge the 109.00 (R1) hurdle. The pair is still trading below the short-term downtrend line taken from the peak of the 29th of March, but taking a look at our momentum indicators, I see evidence that the rate may emerge above that line, this time. Something like that could challenge the psychological zone of 110.00 (R2) as a resistance this time. The RSI moved up and has just crossed above its 50 line, while the MACD, although negative, stands above its trigger line and points north. These indicators detect upside momentum and amplify the case for further near-term advances. As for the bigger picture though, I still believe that the longer-term trend is to the downside. As a result, I would treat the recent recovery, or any possible extensions of it, as a corrective move for now.

YEN 13

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